Unformatted text preview: strong, and some were weak. Some of the stocks were going in one direction, and the others weren’t. It was her view that the stocks were like schools of fish and that ones that are strongest are the “lead fish”. So if you want to know what direction the market is going in, you had to look at the lead fish—in other words, the stocks that were leading. Since then, it’s turned out to be a helpful, qualitative insight. Sometimes the market will be going down and down and down, but you’ll notice one or two or three stocks are refusing to continue to go down, and they’re actually starting to bubble up. Those are the candidates as lead fish, and it makes sense to follow those stocks. It makes sense to think about a turn around in the broader market as more of the individual issues follow those lead fish....
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- Three '09
- Options, Turn LP, Turn, Victor Niederhoffer, Brett N. Steenbarger, Gail Osten